LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 23, 2026 No. 351-VIII ZRK

About credit rating activities

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) methodology - the internal document of credit rating agency determining the principles and forms of the analysis of quantitative and high-quality factors, applications of models, key rating assumptions based on which the decision on rating action is made;

2) control - opportunity to determine decisions of credit rating agency, arising in the presence of one of the following conditions:

immediate or indirect possession by one person independently or together with one or several persons in more than fifty percent of shares in the authorized capital or placed (less exclusive and redeemed by society) shares of credit rating agency or opportunity availability to vote independently in more than fifty percent of shares of credit rating agency;

opportunity availability at one person independently to choose at least a half of structure of governing body or executive body of credit rating agency;

inclusion of the financial reporting of credit rating agency in the financial reporting of the legal entity according to the audit report;

availability of possibility of one person independently or together with one or several persons to determine decisions of credit rating agency owing to the agreement (supporting documents) or otherwise in the cases provided by regulatory legal act of authorized body;

3) sovereign credit rating - credit rating which object are the states, the union of the states, international financial institution and (or) their separate financial liabilities or financial instruments;

4) considerable influence - power of the shareholder of credit rating agency to participate in decision making on financial and operational policy of credit rating agency, but not to control or together with persons not to control this policy;

5) non-public rating - the score assigned by credit rating agency and not disclosed publicly for the unrestricted group of people;

6) the leading rating analyst - the rating analyst whose fundamental obligations include interaction with reytinguyemy person concerning specific rating, preparation of documents and offers for rating committee concerning such rating;

7) the rating of compliance to the principles of Islamic financing - score assigned according to applicable internationally acknowledged standards in the field of Islamic finance;

8) the rating of corporate management - the analysis result credit rating agency of quality of corporate management of reytinguyemy person expressed by way of reference to certain rating category;

9) credit rating - analysis result credit rating agency of capability of reytinguyemy person to fulfill the assumed financial liabilities (creditworthness, financial stability) and (or) credit risk of its separate financial liabilities or financial instruments, expressed by way of reference to certain rating category;

10) credit rating agency - the legal entity performing credit rating activities;

11) credit rating activities - professional activity of credit rating agency on implementation of rating actions concerning credit and other ratings on the basis of information analysis according to the applied methodology, and also on carrying out other estimates;

12) the Kazakhstan rating agency - the credit rating agency created in form of business of joint-stock company one of founders of which is National Bank of the Republic of Kazakhstan, performing credit rating activities according to this Law and constituent documents;

13) faultless goodwill - professionalism and conscientiousness of person, confirmable including lack of the facts:

making by the specified person of illegal actions (failure to act) which resulted in the insolvency which entailed involuntary liquidation of the financial organization or to application to bank of the mode of settlement;

not removed or unspent conviction of the specified person, including lack of the court resolution which took legal effect about application to person of criminal penalty in the form of deprivation of the right to hold leading employee position of the financial organization, bank and (or) insurance holding and to be the large member (large shareholder) of the financial organization for life;

availability of the relations with the third parties (control and influence of the third parties) whose actions promoted legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction based on data of authorized body on financial monitoring;

14) the rating of sustainable development - analysis result credit rating agency of exposure of object of rating to risks in the field of ecological and social impact, and also quality of the management expressed by way of reference to certain rating category;

15) reytinguyemy person - the legal entity, the state to whom score is assigned by credit rating agency;

16) the forecast for rating - analysis result credit rating agency of the expected change of rating;

17) rating object - reytinguyemy person and (or) its financial liabilities, and also financial instruments;

18) rating action - the action performed in the course of assignment, confirmation, review, withdrawal of rating and (or) the forecast for rating;

19) rating committee - the collegiate organ which is not structural division of credit rating agency, created only from rating analysts of credit rating agency;

20) the user of rating - person using rating and the related information;

21) rating category - the element of rating scale designated in the form of alphabetic, numerical and (or) other special symbol (special symbols);

22) the rating analyst - the physical person performing the analytical functions necessary for implementation of rating actions, and being the employee of credit rating agency;

23) rating scale - the system of rating categories applied by rating agency to classification of rating levels;

24) not requested rating - score assigned by credit rating agency on own initiative or initiative of the third party without the conclusion of the contract with reytinguyemy person;

25) authorized body - the state body performing state regulation, control and supervision of the financial market and the financial organizations;

26) the international rating agency - the credit rating agency and (or) its affiliated organizations and (or) branches which are performing credit rating activities and having recognition from finance regulators of the countries of Organization for Economic Cooperation and Development and authorized body;

27) foreign rating agency - the credit rating agency created according to the legislation of foreign state, which is performing credit rating activities, having the recognition of the finance regulator of this foreign state and authorized body which is not the international rating agency.

Article 2. Legislation of the Republic of Kazakhstan on credit rating activities

1. The legislation of the Republic of Kazakhstan on credit rating activities is based on the Constitution of the Republic of Kazakhstan and consists of the Civil code of the Republic of Kazakhstan, this Law and other regulatory legal acts of the Republic of Kazakhstan, the international contractual commitments of the Republic of Kazakhstan.

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